Emergency Budget Needed, Says Accountants

The Irish Government risks a budget disaster unless emergency funds are set aside, the country's top accountancy body has warned.

The Consultative Committee of Accountancy Bodies in Ireland say the Government's prediction that it would reap €37 billion in tax revenue was overly optimistic.

The umbrella body represents 23,000 members in the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in Ireland, and the Chartered Institute of Management Accountants.

It recommended that the Dáil draw up an emergency budget in order to raise the required revenue.

This would involve higher taxes, spending cuts as well as incentives to increase innovation and research and development, it said.

(BMcC/JM)